Morning Market Update, Updated 24 February 2017

Good morning team, Chris Conway your Head of Research here with your First Look.

SPI futures are pointing to a flat start, with US markets slightly stronger approaching the close.

Oil rose more than 2 per cent after data showed a surprise decline in US inventories, suggesting a global oversupply may be ending. The S&P 500 energy index jumped 0.6 per cent, led by gains in Exxon and Chevron. The sector also provided the biggest boost to the broader index.

Copper prices tumbled 3 per cent overnight – their biggest one-day fall since September 2015 – as worries about demand in top consumer China resurfaced after the country’s housing minister suggested moves were afoot to stabilise the property market, while a firm dollar reinforced negative sentiment.

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